Article 126. Sale of Debtorʼs Enterprise (Business) as Property Complex

In order to satisfy creditors' claims, the external management plan may provide for the sale of the debtor's enterprise (business) as a property complex.

When selling an enterprise (business) as a property complex, all types of property intended for the debtorʼs entrepreneurial activities shall be alienated, including land plots, buildings, structures, equipment, inventory, raw materials, products, rights of claim, as well as means that individualize the debtor (company name, trademarks, service marks), its goods, works and services, other exclusive rights belonging to the debtor, with the exception of rights and obligations that cannot be transferred to other persons.

When selling an enterprise (business) as a property complex, the assessment of the debtor's property shall be carried out by an appraisal organization with payment for its services at the expense of the debtor's property. An appraisal organization shall be approved by a meeting of creditors or a committee of creditors.

If the funds on the debtor's account are insufficient for assessment of their property, the external manager must notify the creditors of this. In this case, the costs of assessment of the debtor's property shall be borne by the creditors, and these costs shall be reimbursed out of turn in the manner prescribed by part one of Article 150 of the Law, from the funds received on the debtor's account as a result of the sale of the debtor's property.

If necessary, the persons participating in the insolvency case may require an examination of the validity of the debtor's property assessment report.

With the consent of the meeting of creditors, the external manager shall have the right to sell the enterprise (business) as a property complex in installments for a period of not more than one year, provided that the buyer provides appropriate guarantees from the servicing bank.

When selling an enterprise (business) as a property complex, employment contracts that are in force at the time of the sale of the enterprise (business) as a property complex shall remain in force, and the rights and obligations of the employer shall be transferred to the buyer of the enterprise (business) as a property complex.

The sale of an enterprise (business) as a property complex shall be carried out through an electronic online auction, unless otherwise provided by this article. The conditions for bidding in the form of an electronic online auction shall be determined by the meeting of creditors or the committee of creditors.